Sustainably feeding the world DX PFS - May 2020...Feeding the world’s growing population requires increasing application of fertiliser Potassium (from potash) is a key nutrient,

Sustainably feeding the world

DX PFS - May 2020PRIVATE & CONFIDENTIAL

Disclaimer

2

This presentation (the “Presentation”) has been prepared and issued by the directors of Kore Potash plc (“Kore” or the "Company" and, together with its subsidiaries, the “Group”). By attending (whether in person or bytelephone) or reading the Presentation, you agree to be bound by the conditions set out below.

The Presentation does not constitute or form part of, and should not be construed as investment advice or any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or othersecurities of the Company, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract whatsoever relating to anysecurities or financial instruments, acquisition or investment in the Company, or financial promotion. No person affiliated with the Company, its directors, officers, employees, affiliates, agents or advisers has been authorisedto give any information or to make any representation not contained in the Presentation and, if given or made, such information or representation must not be relied upon.

The Presentation is provided solely for general information only and must not be used or relied upon for the purpose of making any investment decision or engaging in any investment activity. The information and opinions inthe Presentation are provided as at the date of the Presentation (unless stated otherwise) and are subject to change without notice. The Presentation does not purport to contain all information that may be required toevaluate the Company and/or the Group. While such information is believed to be reliable for the purposes used in the Presentation, no reliance may be placed for any purpose whatsoever on the information or opinionscontained or expressed in the Presentation or on the accuracy, completeness or fairness of such information and opinions.

All Mineral Resource and Ore Reserves are reported in accordance with the JORC Code (2012 edition). Numbers are rounded to the appropriate decimal place. Rounding ‘errors’ may be reflected in the “totals”. The Kola MineralResource Estimate was reported 6 July 2017 in an announcement titled ‘Updated Mineral Resource for the High -Grade Kola Deposit’. It was prepared by Competent Person Mr. Garth Kirkham, P.Geo., of Met-Chem division ofDRA Americas Inc., a subsidiary of the DRA Group, and a member of the Association of Professional Engineers and Geoscientists of British Columbia. The Dougou carnallite Mineral Resource estimate was reported on 9 February2015 in an announcement titled ‘Elemental Minerals Announces Large Mineral Resource Expansion and Upgrade for the Dougou Potash Deposit’. It was prepared by Competent Persons Dr. Sebastiaan van der Klauw and Ms.Jana Neubert, senior geologists and employees of ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH and members of good standing of the European Federation of Geologists. The Dougou Extension sylviniteMineral Resource Estimate is reported herein. Ms. Vanessa Santos, P.Geo. of Agapito Associates Inc., for the Exploration Results and Mineral Resources. Ms. Santos is a licensed professional geologist in South Carolina(Member 2403) and Georgia (Member 1664), USA, and is a registered member (RM) of the Society of Mining, Metallurgy and Exploration, Inc. (SME, Member 04058318). The Company confirms that it is not aware of any newinformation or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources or Ore Reserves that all material assumptions and technicalparameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings arepresented have not been materially modified from the original market announcement.

Nothing in the Presentation is, or should be relied on as, a promise or representation as to the future. This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will”, or “should” or, in each case,their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts.They include, but are not limited to, statements regarding Kore’s intentions, beliefs or current expectations concerning, among other things, the Group’s financial position, business or proposed business, project development,further optimisation of the DFS, reserve or resource potential, exploration drilling, exploitation activities, corporate transactions and events or developments that the Company expects to occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors, many of which are beyond the Group’s control. Forward-looking statements are not guarantees of future performance and the actualresults of the Group’s operations and financial position may differ materially from those described in, or suggested by, the forward-looking statements contained in this Presentation. A number of factors could cause results todiffer materially from those expressed or implied by the forward-looking statements in this Presentation including, without limitation, exploitation and exploration successes, market prices of potash, capital and operating costs,changes in project parameters as plans continue to be evaluated, continued availability of capital and financing, currency fluctuations, industry trends, competition, changes in political conditions, changes in regulation andgeneral economic, market or business conditions and other factors disclosed in Kore’s filed documents. Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements inthis Presentation speak only as of the date of this Presentation. Past performance should not be taken as an indication or guarantee of future results and you are cautioned not to place undue reliance on forward-lookingstatements. No statement in the Presentation is intended as a profit forecast or a profit estimate.

No representations, express or implied, are given in, or in respect of, the Presentation, including as to the fairness, accuracy or completeness of the contents of this Presentation or any other statement made or purported to bemade in connection therewith, or that any of the forward-looking statements, projections or forecasts will come to pass or that any forecasted result will be achieved. To the fullest extent permitted by law, none of theCompany, its subsidiaries or its or their respective directors, officers, employees, advisors or agents or any other person shall have any liability whatsoever for any loss howsoever arising, directly or indirectly, from the use ofthe Presentation or its contents or otherwise arising in connection therewith. Except to the extent required by applicable law or regulation, none of the Company, its subsidiaries, or its or their respective directors, officers,employees, advisors or agents, or any other person undertakes or is under any duty to update the Presentation or to correct any inaccuracies in any such information which may become apparent or to provide you with anyadditional information.

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INVESTOR PRESENTATION 02/06/2020

Kore intends to be the lowest cost supplier of potash to the African and

South American markets

Kore has globally significant potash deposits in the Republic of Congo (RoC)

District scale development potential, 12km from the coast and ideally

located to supply Africa and South America

Preliminary Feasibility Study for first deposit, DX, indicates low capital cost of

$286m with an IRR of 22.9%

Mine gate costs of US$65.3/t and FOB Pointe Noire of US$86.6/t

Feeding the world’s growing population requires increasing application of

fertiliser

Potassium (from potash) is a key nutrient, essential for high quality and high

yield food production

Introduction

Kore’s world class potash deposits have potential to be the lowest cost supplier to our target market

INVESTOR PRESENTATION3

02/06/2020

4

What is potash?

The main nutrients used in agriculture are Nitrogen (N), Phosphorous (P), and Potassium (K)

Nitrogen (N)

Essential to ensure plants are healthy as they develop and nutritious to eat after they’re harvested. Nitrogen is essential in the formation of protein, and protein makes up much of the tissues of most living things.

Phosphorus (P)

Linked to a plant’s ability to use and store energy, including the process of photosynthesis. It’s also needed to help plants grow and develop normally. Phosphorus in commercial fertilizers comes from phosphate rock.

Potassium (K)

Used to strengthen plants’ abilities to resist disease and plays an important role in increasing crop yields and overall quality. Potassium also protects the plant when the weather is cold or dry, strengthening its root system and preventing wilt.


02/06/2020

Potash is one of the 3 key plant nutrients

Why potash is vital to crop growth?

• Potash is the name for the group of minerals that help provide potassium for plant growth

• It is a ‘must have’ fertiliser for crop production

• 90-95% of potash is used in agriculture as fertiliser

• The most common type of potash is Muriate of Potash (MOP) which is used to maintain soil fertility and improve plant health

• Potassium is known as the ‘quality nutrient’ because of its important effects on factors such as size, shape, colour, taste, shelf life, fibre and other quality-related measurements

Is essential in the regulation of photosynthesis

Helps water retention throughout the plants

Enhances resistance to pests and diseases

Is needed for enzyme production including protein and starch synthesis, and other internal chemical processes

Potassium is vital to regulate a plant’s CO2 intake

Is used to control water uptake through the roots

Corn

Examples of crops that are potassium deficient

Barley


02/06/2020

100

105

110

115

120125

130

135

140

145

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

kg p

er h

ecta

re o

f ar

able

la

nd

More potash needed to feed the world

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The world will need to grow 50% more food by 2050 to feed an anticipated population of 9 billion people...

0.1

0.15

0.2

0.25

0.3

0.35

0.4

19

60

19

64

19

68

19

72

19

76

19

80

19

84

19

88

19

92

19

96

20

00

20

04

20

08

20

12

Hec

tare

s p

er p

erso

n

Source: World Bank, United Nations, FAO

More fertiliser needs to be produced to boost yields from existing arable land….

... and demand for potash for arable use is growing year on year.

… while global arable land per person is declining sharply

0.9%

2.7%2.5%

3.1%3.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2016 2017 2018 2019F 2020F

Po

tash

dem

and

grw

oth

(%)


MoP(93.2%)

SOP(4.6%)

NOP (1.4%)

SOPM (0.7%)

Polyhalite(0.1%)

MoP is the dominant product in the potash market

8INVESTOR PRESENTATION 02/06/2020

Potash Market (2017)

Source: Argus

Muriate of Potash (MoP)

Represents 93.2% of the potash market. MoP is potassium chloride (KCl) which contains 52% potassium and 48% chlorine by weight. Used for a large proportion of commercial crops including cereals, maize, rice, soybean.

Sulphate of Potash (SOP)

Represents 4.6% of market volume. Used by crops where chlorine tolerance is limited, primarily fruits and vegetables as well as several non-food products like rubber and cotton.

Potassium sold globally in two main forms along with three minor products

Nitrate of Potash (NOP)

Represents 1.4% of the potash market. Specialty form of potash used for chlorine-sensitive crops such as certain fruits and vegetables like potato, tomato and berries.

Sulphate of Potash Magnesia (SOPM)

Represents 0.7% of the potash market volume. Another specialty form of potash which also contains magnesium, one of the secondary nutrients. Used by specialty crops where chlorine tolerance is limited

Polyhalite

Represents <1% of the potash market volume. Specialty product that is also suitable for chlorine-sensitive plants as well as delivering sulphur, calcium and magnesium as secondary nutrients.

Africa1.3 mt

Australasia0.7 mt

Central & Eastern Europe2.8 mt

Latin America & Caribbean

13.0 mt

Middle East1.3 mt

North America10.3 mt

Northeast Asia15.8 mt

Russia & Central Asia2.9 mt

South Asia5.2 mt

Southeast Asia6.1 mt

Western Europe5.0 mt

Central & Eastern Europe11.7 mt

Latin America & Caribbean

1.1 mt

Middle East6.2 mt

North America22.7 mt

Northeast Asia6.8 mt

Russia & Central Asia12.1 mt

Southeast Asia0.5 mt

Western Europe3.6 mt

• Total annual production of potash is around65 Mtpa

• At present this supply is largely met byexisting major suppliers including:

• Urakali – ~12 Mtpa

• Nutrien – ~12 Mtpa

• Belaruskali – ~11 Mtpa

• Mosaic – ~9 Mtpa

• Production from Kore’s Sintoukola basin willbe significantly lower cost than existingproducers

Potash supply and demand

“Kore’s potash will supply demand growth and displace high cost supply”

9

2019 Supply

64.7 Mt

2019 Demand

64.3 Mt

Source: Argus

Note: All tonnages refer to KCl tonnages INVESTOR PRESENTATION 02/06/2020

Recent investments by mining majors


BHP

Jansen Project in Saskatchewan, Canada

1000m deep

Over 1,600km from the Port of Vancouver

US$2.7 billion spent so far

US$3 billion more Stage 1 investment expected

Anglo American

Purchase of Sirius Minerals for £405m

Developing Woodsmith Mine in North Yorkshire

1500m deep, 37 km underground conveyor

Polyhalite market is small

$1 billion spent so far

$4 billion total cost

Globally operating mining companies have recently been investing in potash assets

11

Globally significant potash deposits

Kore is developing its globally significantpotash deposits in the Republic ofCongo (RoC)

District scale development potential withover 6 Bt of potash Mineral Resources located35 km from the coast

Several high grade sylvinite projects:

DX– High grade solution mine– PFS complete– Progressing DFS

Kola– Larger capex conventional mine– DFS complete

District scale development potential

“Kore has the potential to be the lowest cost supplier of potash to African and Brazilian markets”


Sintoukola potash district


Sintoukola is well situated for key export markets

14

Product is planned to be predominantly sold into African and South American markets

Sintoukola will be the closest producing potashasset to Africa by far, with much lower shippingcosts than global peers

African markets are relatively small in global termsbut growing rapidly in line with population andfood demand

African farmers are increasingly looking to boostcrop yields through improved farming models andgreater fertiliser deployment

Brazil is one of the three largest importers of MoP globally and imports c.90% of all its potash demand

Sintoukola District: Republic of Congo

Target markets: South Africa, Nigeria, Other West Africa, Brazil

RegionConsumption1

(ktpa MoP)Product Specification

South Africa 371 Granular K60 MoP

Nigeria 126 Granular K60 MoP

Other West Africa 180 Granular K60 MoP

Total Brazilian Market 11,950 Granular K60 MoP

INVESTOR PRESENTATION 02/06/20201. Source: Argus – all figures are projected for 2023

• Higher grade and shallower deposits than majority of existing potash producers contributesto competitive cost structure

• Close proximity to deep water port at Pointe Noire, Republic of Congo means shorttransport distance in country as well as very short shipping route from port to customers

• Low average mine gate operating costs of US$65.3/t MoP

• Free on board (FOB Pointe Noire) costs of US$86.6/t MoP is extremely competitive

• Average cost of MoP delivered to African target markets of approximately US$114.6/t MoP– lowest cost supplier to West Africa

• Ability to compete on price against all existing suppliers in our selected growing markets

• Increasingly competitive in scenarios where global land transport and shipping costsincrease

• Significantly more environmentally sustainable than other potash projects, due to lowoperational input costs and shorter transport distances to end users

Very low cost of supply into target markets

15

16

Dougou Extension (DX) Sylvinite project

DX PFS Overview

17

• Located within existing approved Dougou mining license

• Mining Convention in place

Strong investment case

Low capital cost• Pre-production capex of US$286m

• Low pre-production capital intensity ofUS$715/t MoP produced

• IRR of 22.9% (real ungeared post tax)

• 4.3 year payback period

Attractive operating cost• Low average mine gate operating costs of

US$65.26/t MoP

• Free on board (FOB Pointe Noire) costs of US$86.61/t MoP

• Average cost of MoP delivered to African target markets of US$114.6/t MoP

Advanced permitting


Accelerated path to production

Well understood, proven extraction method• Single well, selective dissolution mining

• 400ktpa MoP production over 18.4 year life

• Estimated 21 month construction periodHigh quality asset• Sylvinite Ore Reserves of 17.7 Mt at a grade of

41.7% KCl

• Grade of the Ore Reserves is in the top quartile of all operating potash mines and potash development projects globally

• Sylvinite Mineral Resources of 145 Mt at a grade of 39.7% KCl.

Potential to extend life of project• 22% of Mineral Resources scheduled for PFS

• Secondary mining opportunities post initial cavern completion

Financing options• Modest capex and short construction period

improves financing options

• Indicative financing discussions have beenpositive

DX PFS data


Project physicals Units

Total MoP production kt 372MoP granular product grade %KCl 98.5%Average MoP production ktpa 393Capital cost

Pre-production capital cost $M 285.9

Capital intensity(at nameplate 400,000 tpa MoP)

US$/tpa 715

Operating costs Mine Gate Cost $/t 65.26

FOB Cost1 $/t 86.61

CFR Cost1 $/t 114.61

Project financials Units

Total revenue US$M 3,113Average annual revenue US$M 169Average annual EBITDA US$M 118EBITDA margin % 69.8%Average post-construction, post tax annual free cash flow

US$M 95

Free cashflow margin % 56.4%Total post tax free cash flow2 US$M 1,469Attributable3 post tax, un-geared NPV (10% real)

US$M 319

Attributable3 post tax, un-geared IRR

% 22.9%

Payback period from date of first production

years 4.3

Scheduled LOM years 18.4Average forecast MOP granular price

US$/t MoP

422

1: Excludes Royalty and Sustaining Capex

2: Free cash flow defined as EBITDA minus tax, minus capex

3: Attributable to Kore's interest (i.e. 90% basis)

Benchmarking DX – high grade, low capex


• DX is the highest gradeundeveloped potash deposit

• The closest projects in termsof grade are both well over1,000 metres deep

• High grade contributes tolow cost of production

0

5

10

15

20

25

30

35

40

45

Re

sou

rce

Gra

de

KC

l %

Kore Deposits Pre-production assets Selected producers

Source: Companies’ data

$4,200m

$320m

$5,300m

$400m $370m $286m

$0m

$1,000m

$2,000m

$3,000m

$4,000m

$5,000m

$6,000m

Sirius -Woodsmith

Danakali -Colluli

BHP -Jansen

Emmerson -Khemisset

Highfield -Muga

Kore -DX

Cap

ex

to r

eac

h p

rod

uct

ion

• DX has the lowest capex ofany comparable pre-production potash deposit

• Indicative initial financingdiscussions have beenpositive

• Getting DX into productionwill make further basindevelopment much easier

SOP &Polyhalite

MOP

Benchmarking DX – low cost production


• DX is highly competitive interms of mine gate and FOBcosts

• Lower operating costs thanany comparable project indevelopment

• Low mine gate costs thenfurther benefit fromamongst the shortesttransport distances to targetexport market of any potashproject

• Amongst lowest operatingcosts even versus large scaleproducers

Kore Deposits Pre-production assets Selected producers

Source: Companies data

Note 1: Polyhalite

Note 2: SOP

Relative size of data point indicates volume of annual MoP production

US$29/t1

US$242/t2

US$100/tUS$115/t

US$135/t

US$87/t

US$0/t

US$50/t

US$100/t

US$150/t

US$200/t

US$250/t

US$300/t

Sirius -Woodsmith

Danakali -Colluli

BHP -Jansen

Emmerson -Khemisset

Highfield -Muga

Kore -DX

Op

era

tin

g co

st F

OB

loca

l po

rt

SOP &Polyhalite

MOP

Proven solution mining flowsheet

21

Wellfield and Process Plant Location

22

Highway RN5, showing typical grassland areas where wellfields will be developed


Next steps

23

The DX PFS has proven that developing DX is both the fastest route to production and a low capex, high return project in its own right

The Company intends to progress rapidly to undertaking a Definitive Feasibility Study (DFS) for DX

A workplan for the DX DFS is currently being finalised

Once begun, the duration of the DX DFS is expected to be 12 months


24

Recent newsflow

• PFS for DX commenced – 5 September 2019Building on an advanced Scoping Study, the PFS forDX will be informed by seismic studies, drill coreanalysis, and financial modelling to prove up theeconomics of the project

• Kola optimisation proposal received – 29 July 2019Received proposal to reduce Kola capex byUS$400m

• US$13m fundraise completed – 19 July 2019The fundraise finances Kore to progressoptimisation studies for Kola and complete a PFSfor DX

• DX Scoping Study completed – 29 April 2019Very promising study shows that DX offers a lowercost, quicker path to production than Kola

Recent newsflow

25

• DX PFS released – 13 May 2020

Low capital cost of US$286m with an IRR of 22.9%,short 21 month construction period

• Drilling results at DX released – 29 April 2020

Additional high grade intersections reported

• ESIA approval received – 6 April 2020

25 year licence term aligns with Mining Convention

• DX PFS progress – 30 January 2020

Dissolution test work shows the ideal conditionsfor the solution mining at DX; infill and diamondcore drilling campaign underway

• DX PFS progress – 21 October 2019

Dissolution test work outcomes help inform furtheranalysis; seismic surveys complete with dataanalysis underway

Cash position• At 31 March 2020, the Company held US$4.7 million cash at bank


26

Summary

DX produces no by-product tailings

The Mining Convention for Kola and Dougou mining licence area is in place

DX is situated within existing Dougou mining licence

Advanced permitting in place – Kore has an approved 25 year ESIA for Kola and Dougou mining licence areas and a new process is required to amend the existing ESIA to cover the DX project

A local (Decree D’Utilite Publique – DUP) and international (Resettlement Action Plan – RAP) land repatriation process cover the process plant land area

Environment and permitting


Summary

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• Initial life of DX of 18 years at 400ktpa MoP production

• Potential within licence areas to extend life or scale

• Initial life of Kola of 33 years based on 2.2Mtpa MoP production

Long life at globally significant scale

✓

• Mining licences in place• Mining Convention governing

key fiscal parameters in place• Amended ESIA will be

prepared and submitted for DX

Advanced permitting

• Close to target markets• Project adjacent to coast• Electrical power, gas and

water available• DX will use existing deep

water port close by at Pointe Noire

Advantageous location

• DX offers, low risk, low capex, high return, rapid path to production

• Low capex and short construction period improves financing options

• Potential to be lowest cost potash supplier to target markets

Attractive economics

• High grade, shallow deposits• Proven solution mining method

at DX• Industry standard processing

plant design

Industry standard potash flowsheets

• Fertiliser use improves crop yields for farmers, reducing the carbon footprint of farming globally

• Short transport route to market minimises carbon impact

• Lower inputs than industry peers• No waste by-products (tailings)

Sustainably feedingthe world


29

Appendices

DX sylvinite project – geology

30

Sump development

• Pump fresh water down to dissolve halite

• Sumps develop in halite, caverns form

Solution mining illustrated

31

Solution mining in HWSS

• Hot NaCl rich brine dissolves KCl in cavern and returns to surface through centre casing

• NaCl deposited in sump


Roof development in HWSS

• Once sumps form, buoyant blanket fluid controls cavern formation

Solution mining in TSS

• After extraction of HWS, holes are plugged below TSS as no sump is required

Solution mining illustrated (continued)

32

Cavern completion

• Completed cavern: approximately 6 years

• At end of cavern life caverns are left filled with solution to minimise subsidence


Kola overview

33

DFS project economics

Average annual free cashflow US$500M

Average cash operating margin 75%

Post-tax attributable IRR (ungeared)

17.2%

Post-tax attributable NPV (10% real)

US$1,452M

Pre-production capital cost (EPCM basis)

US$2,103M

Payback period 4.3 years

• Mining Convention approved (2018)

• Amendment to ESIA approved

Kola Sylvinite is a Tier 1 asset with long life production potential

High quality deposit:

• Shallow, high grade with very low insolubles

• Close to coast with access to infrastructure

• 2.2Mtpa MoP production over 33 year life

Industry’s lowest operating cost

• US$102/t MoP CFR delivered to Brazil

Development ready

Optimisation of capital cost and construction schedule in progress• 4 year construction period

• US$2.1B initial capex

• US$400m capex reduction identified by FC


• Targeting production of 2.2 Mtpa MoP

• Shallow: shaft bottom of 270m

• 35km to the coast via an overland conveyor and dedicated jetty for export to Brazil and West Africa

• 90km via road to port of Pointe Noire for equipment imports

34

Kola configuration


Ore Reserves

35

ClassificationOre Reserves

(Mt)

KCl grade

(% KCl)

Mg

(% Mg)

Insolubles

(% Insol.)

Probable 17.7 41.7 0.06 0.19

Total Ore Reserves 17.7 41.7 0.06 0.19

DX Sylvinite Ore Reserves (gross 100% basis)

Notes: • The DX Ore Reserves Estimate is reported in accordance with the JORC code 2012 edition. It was first reported in Kore’s market announcement of 13 May

2020 entitled ‘Dougou Extension (DX) Project Pre-Feasibility Study’, and was prepared by Agapito and Associates.• The Kola Ore Reserves Estimate is reported in accordance with the JORC code 2012 edition. It was first reported in Kore’s market announcement of 29 Jan

2019 entitled ‘Kola Definitive Feasibility Study’, and was prepared by Met-Chem division of DRA Americas Inc., a subsidiary of the DRA Group. A 9.9 % KCl cut-off grade was used for the Ore Reserve Estimate.

• Ore Reserves are not in addition to Mineral Resources but are derived from them by the application of modifying factors

ClassificationOre Reserves

(Mt)

KCl grade

(% KCl)

Mg

(% Mg)

Insolubles

(% Insol.)

Proved 61.8 32.1 0.11 0.15

Probable 90.6 32.8 0.10 0.15

Total Ore Reserves 152.4 32.5 0.10 0.15

Kola Sylvinite Ore Reserves (gross 100% basis)

Mineral Resource category Million Tonnes Grade KCl %Contained KClMillion tonnes

Kola Sylvinite

Measured 216 34.9 75Indicated 292 35.7 104Sub-total (Measured + Indicated) 508 35.4 180Inferred 340 34.0 116

TOTAL 848 34.8 295

Dougou Extension SylviniteMeasured - - -Indicated 79 39.1 31Sub-total (Measured + Indicated) 79 39.1 31Inferred 66 40.4 47

TOTAL 145 39.4 57

Total Sylvinite (Kola and Dougou Extension)

Measured + Indicated + Inferred

993 35.4 352

36

Sylvinite deposits (gross 100% basis)

Mineral Resources — Sylvinite

Notes: • The Mineral Resource Estimates are reported in accordance with the JORC code 2012 edition.• The Kola Sylvinite Mineral Resource was first reported in Kore’s market announcement of 6 July 2017 entitled ‘Updated Mineral Resource for the High Grade

Kola Project’, and was prepared by Met-Chem division of DRA Americas Inc., a subsidiary of the DRA Group, using a cut-off grade of 10% KCl. • The Dougou Extension Sylvinite Mineral Resource was first reported in Kore’s market announcement of 20 August 2018 entitled ‘Maiden Sylvinite Mineral

Resource at Dougou Extension”, and was prepared by Andrew Pedley of Kore Potash, using a cut-off grade of 15% KCl. • The DX Mineral Resource Estimate was updated and reported in Kore’s market announcement of 13 May 2020 entitled ‘Dougou Extension (DX) Project Pre-

Feasibility Study’, and was prepared by Agapito and Associates, using a cut-off grade of 15% KCl. • Rounding errors may exist

Mineral Resource category Million Tonnes Grade KCl %Contained KClMillion tonnes

Dougou CarnalliteMeasured 148 20.1 30Indicated 920 20.7 190Sub-total (Measured + Indicated) 1,068 20.6 220Inferred 1,988 20.8 414

TOTAL 3,056 20.7 634

Kola CarnalliteMeasured 341 17.4 59Indicated 441 18.7 83Sub-total (Measured + Indicated) 783 18.1 142Inferred 1,266 18.7 236

TOTAL 2,049 18.5 378

Total Carnallite (Dougou and Kola)Measured + Indicated + Inferred

5,105 19.8 1,012

37

Carnallite deposits (gross 100% basis)

Mineral Resources — Carnallite

Notes:• The Mineral Resource Estimates are reported in accordance with the JORC code 2012 edition. The Kola Carnallite Resource was first reported in Kore’s

market announcement of 6 July 2017 entitled ‘Updated Mineral Resource for the High Grade Kola Project’, and was prepared by Met-Chem division of DRAAmericas Inc., a subsidiary of the DRA Group, using a cut-off grade of 10% KCl.

• The Dougou Carnallite Mineral Resource was prepared by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH (“ERCOSPLAN“) and first reportedin Kore’s market announcement of 9 February 2015 entitled ‘Elemental Minerals Announces Large Mineral Resource Expansion and Upgrade for the DougouPotash Deposit’.

• Rounding errors may exist

Exploration Targets

38

SeamArea

km2

Average

Thickness

(m)

Averge

Density

(g/cm3)

Minimum

Tonnage

(Mt)

Mid Point

Tonnage (Mt)

Maximum

Tonnage

(Mt)

Minimum

average

grade

(KCl%)

Mid Point

grade

(KCl%)

Maximum

average

grade

(KCl%)

TSS - - - - - - -

HWSS 23 2.74 2.02 19 29 39 50 56 60

US 23 3.40 2.10 58 79 100 30 34 38

LS 23 2.50 2.11 18 28 37 28 31 34

ALL SEAMS 95 135 175 34 38 42

Kola South

SeamArea

km2

Average

Thickness

(m)

Average

Density

(g/cm3)

Minimum

Tonnage

(Mt)

Mid Point

Tonnage (Mt)

Maximum

Tonnage

(Mt)

Minimum

average

grade

(KCl%)

Mid Point

grade

(KCl%)

Maximum

average

grade

(KCl%)

TSS 185 5.30 2.11 155 233 310 24 29 34

HWSS 185 2.60 2.02 49 64 78 55 59 60

US 185 3.40 2.10 66 99 132 30 34 38

LS 185 2.50 2.11 49 64 78 28 31 34

ALL SEAMS 320 460 600 30 35 38

DX North

The potential quantity and grade of an Exploration Target is conceptual in nature and is an approximation, and is expressed as an expectedrange of tonnes and grade. There has been insufficient exploration at Kola South and DX North to estimate Mineral Resources and it is uncertainif further exploration will result in the estimation of Mineral Resources.

Notes• Refer to Kore’s announcement dated 21 November 2018; ‘Significant Extensions to Kore’s Existing Sylvinite Deposits Expected’• Rounding errors may exist. Tonnage totals are rounded to the nearest multiple of 5 Mt. Grades are rounded to the nearest percent

Kore has the potential to be:

• The second lowest cost operation on an export cost basis at US$87.63/t FOB (real 2018)

• The lowest cost supplier globally of potash to Brazil at US$102.47/t CFR (real 2018)

• Potentially disruptive in the MoP market with ability to compete on price against all existing suppliers in our selected growing markets

• Increasingly competitive in scenarios where global land transport and shipping costs increase

• Significantly more environmentally sustainable than other potash projects, due to lower operational input costs and shorter transport distances to end users

Very low cost of supply into target markets

39Source: CRU Potassium Chloride Market Study August 2018

Global MoP export cost curve1 (FOB) US$/t MoP (2022)

Brazil MoP delivered cost curve1 (CFR Brazil) US$/t MoP (2022)

1. Kola FOB and CFR delivered costs used in the cost curves are on a real 2018 basis escalated to 2022

Board of Directors

40

José Antonio Merino Non-Executive DirectorJosé Antonio joined SQM in 2016 and is currently M&A Director,prior to which he worked at EPG Partners as head of a miningprivate equity fund, at Asset Chile, a Chilean boutique investmentbank, and at Santander Investment. He is a qualified Civil Engineerhaving graduated from Pontificia Universidad Católica de Chile.

David Netherway Non-Executive DirectorDavid Netherway is a mining engineer with over 40 years ofexperience in the mining industry. He was involved in theconstruction and development of the New Liberty, Iduapriem,Siguiri, Samira Hill and Kiniero gold mines in West Africa and hasmining experience in Africa, Australia, China, Canada, India and theFormer Soviet Union. Mr Netherway served as the CEO of ShieldMining until its takeover by GryphonMinerals.

Prior to that, he was the CEO of Toronto listed Afcan MiningCorporation, a China focused gold mining company that was sold toEldorado Gold in 2005. He was also the Chairman of Afferro Miningwhich was acquired by IMIC in 2013. Mr Netherway has held seniormanagement positions in a number of mining companies includingGolden ShamrockMines, Ashanti Goldfields and Semafo Inc.

Mr Netherway is currently the Chairman of AIM & TSXV-listed AltusStrategies plc and ASX-listed Canyon Resources Ltd. He also holdsvarious private company directorships.

Timothy Keating Non-Executive DirectorTim Keating is Head of Mining Investments Private Equity at theState General Reserve Fund (SGRF), a sovereign wealth fund of theSultanate of Oman. Prior to joining SGRF in 2015, Mr. Keating wasCEO of African Nickel Limited, a nickel sulphide developmentcompany where he grew the business through several acquisitions,project development and fund raisings.

He also worked at Investec Bank for the Commodities andResource Finance Team (2004-2010), and at Black Mountain Mineowned by Anglo American plc, in South Africa. He is a Non-Executive Director of Kenmare Resources plc. He has a BSc MiningEngineering from West Virginia University and has a MineManagers Certificate of Competency.

Jonathan Trollip Non-Executive DirectorJonathan is a globally experienced Director (Executive and Non-Executive) with over 30 years of commercial, corporate,transactional, governance and legal experience. He is currently theNon-Executive Chairman of Global Value Fund Ltd (ASX listed), PlatoIncome Maximiser Limited (ASX listed), Spheria EmergingCompanies Limited (ASX listed) and Future Generation InvestmentCompany Ltd and Antipodes Global Investment Company Ltd andholds various private company Directorships in non-profitableorganisations.

Jonathan is also a Principal and Director of Meridian InternationalCapital Limited, which is a Sydney (Australia) based structuredfinance group where he has been in engaged for the past 22 years.During this time, Jonathan has been involved in financing numerousresource transactions in various global locations.

David Hathorn Chairman

David Hathorn is the ex-CEO of the Mondi Group (30 April 2017).The Mondi Group, is a FTSE 100 global packaging and paper listedgroup on both the London and Johannesburg stock exchanges, withoperations in 30 countries and employing 25,000 people. TheMondi Group performed exceptionally well under David’sleadership.

Before Mondi, David was at Anglo American, where he was amember of the Group Executive Committee from 2003 and anExecutive Director of Anglo American PLC from 2005, serving onseveral of the Boards of the Group’smajor mining operations.

Brad Sampson Chief Executive Officer Brad Sampson has more than 25 years resources industryexperience building and operating large scale mining projectsinternationally including in West and Southern Africa. A qualifiedMining Engineer, he has held leadership and board roles in severalpublic listed companies.

Brad has led the successful turnaround of mining businesses inCote d’Ivoire and the DRC and has previously been the CEO ofDiscovery Metals and held General Manager roles at Gold Fieldsoperations in South Africa and Australia.

Corporate snapshot

41

KP2 AIM share price / volume2Key shareholders1

Shareholder % interest

Princess Aurora Company Pte Ltd (SGRF) 19.74%

Sociedad Quimica y Minera (SQM) 19.26%

Dingyi Group Investments Ltd 12.91%

Harlequin Investments Ltd 7.07%

Mr David Stevens 6.72%

Kore Board and Management 3.16%

Ticker AIM: KP2 ASX: KP2 JSE: KP2

Share price 0.62p A$0.01 ZAR0.17

Shares in issue 1,550,273,503 1,550,273,503 1,550,273,503

Market Cap £9.61M A$15.50M ZAR 263.55M

Price range (52w) 0.62p – 2.26p A$0.01 – A$0.06 ZAR0.14 – ZAR0.62

Nomad/Sponsor/Broker Canaccord / Shore Capital n/a RenCap

Notes:1. As at 14 May 20202. Share price as at 14 May 2020

Documents

Sustainably feeding the world DX PFS - May 2020...Feeding the world’s growing population requires increasing application of fertiliser Potassium (from potash) is a key nutrient,